Cantor Fitzgerald Adds Risk Arbitrage To Institutional Equities Offering

NEW YORK, NY, March 6, 2003 – Cantor Fitzgerald’s Institutional Equities Division, a leading third market trading firm with a global client base of major institutional investors and corporations, announced today that it will add Risk Arbitrage and Relative Value transactions to its expanding Institutional Equities Division, following the appointment of Risk Arbitrage specialists Joseph Gabor and Michael Maresca. [br][br]Messrs. Gabor and Maresca join Cantor Fitzgerald from Lehman Brothers, where they were credited with establishing a successful Institutional Risk Arbitrage and Relative Value business. Prior to joining Lehman Brothers in 2000, Messrs. Gabor and Maresca focused on Quantitative Strategies and Risk Arbitrage at Nomura Securities for approximately two years. Both began their careers on exchanges, with Mr. Maresca trading on the New York Stock Exchange and Mr. Gabor working in options on the American and Philadelphia Stock & Options Exchanges. [br][br]As Managing Directors and Co-Heads of Risk Arbitrage trading at Cantor Fitzgerald, Messrs. Gabor and Maresca will leverage their expertise and established relationships as well as the deep institutional relationships and client base at Cantor Fitzgerald’s Institutional Equities Division to quickly build a formidable Risk Arbitrage business under Philip Marber, President and CEO of Cantor Fitzgerald’s Institutional Equities. [br][br]”I am pleased to welcome Joe and Mike and their extremely talented team to Cantor Fitzgerald. Their knowledge and expertise in Risk Arbitrage, an area that we have been enthusiastic to enter, is a natural complement to our existing breadth of offerings. We look forward to introducing our clients to the dynamic investment opportunities presented by this unique market,” commented Mr. Marber, following today’s announcement. [br][br]Cantor Fitzgerald’s Institutional Equities Division is one of the largest third market trading and execution firms on Wall Street, with global client base of over 4,000 major institutional investors and corporations. In addition to Risk Arbitrage, Cantor Fitzgerald’s Institutional Equities Division now includes OTC & Listed Trading, Distressed Debt and Investment Banking. [br][br]About Cantor Fitzgerald[br][br]Cantor Fitzgerald is a financial services firm with operating units that are involved in a variety of marketbased business initiatives. From its position as a leading financial intermediary in the equity and fixed income markets, Cantor has expanded the scope of its business to include investment banking, energy brokerage, CO2 emissions trading and electronic trading technology. Cantor’s experience and expertise in the financial markets and its legacy of innovation in technology benefit institutional investors and traders around the world. Cantor Fitzgerald will share 25% of its profits with the families of the Cantor, eSpeed and TradeSpark colleagues that were lost on September 11th until September 11, 2006. These profit distributions, that would have otherwise been distributed to the partners, will cover 10 years of health insurance costs for all families and provide each of those families with an additional minimum payment of $100,000 each. [br][br]Media Contact: [br][br]Tom Ryan Cantor Fitzgerald 212-610-2425

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